Saudi Arabia Becomes Official Member Of BRICS Bloc Amid Plans For Nations To Double
Saudi Arabia has officially become a member of the BRICS bloc of nations earlier this week.
BRICS was initially created in 2006 with Brazil, Russia, India, China, and South Africa as its core members, however it is set to expand with the additions of Saudi Arabia, United Arab Emirates, Egypt, Iran, and Ethiopia.
It has shown interest in expansion which can amplify its declared ambitions to become a counterweight to the West and a champion of Global South nations, many of which feel unfairly treated by international institutions dominated by the US and other wealthy Western powers.
Meanwhile, Saudi Arabia became an official member of the bloc earlier this week, amid geopolitical tensions between the US and China, as well as China’s increasing influence in the kingdom (Saudi Arabia).
Back in August, the BRICS leaders approved a proposal to admit six countries into the bloc with effect from 1st January. This included Argentina which then withdrew from becoming a member.
Moscow holds the current presidency of the BRICS and on Monday, Russian President Vladimir Putin declared that it has become a 10-nation body with its new additions.
While on Tuesday, Saudi state TV said that the kingdom had officially joined the bloc.
Prince Faisal bin Farhan had admitted that the BRICS group is a “beneficial and important channel” to strengthen economic cooperation.
The BRICS countries operate as an organiation that seeks to further economic cooperation among member nations while increasing and improving their economic standing on the global stage.
In fact, Brazil, Russia, India, China, and South Africa ranked among the world’s fastest-growing emerging market economies for years.
Some of the group’s priorities are to resolve regional conflicts such as in Libya and Syria, tackle financial and economic issues like reforms at the World Bank and International Monetary Fund, and establishing the BRICS Interbank Cooperation Mechanism.
Moreover, Putin stated that the bloc’s underlying principles include sovereign equality, opennes, consensus, and aspiration to form a multipolar international order and a fair global financial and trading system.
However, some have argued that this move to expand will likely increase disagreements in a group which already struggles to make decisions due to the need for consensus.
What do you make of the BRICS expansion?
READ NEXT: Watch: Franco Debono Identifies Three L-Istrina ‘Flaws’ And Calls For Telethon Revamp
